Report: Pricing for most commercial insurance lines to increase in ‘21
Ratings agency A.M. Best Co. said Tuesday it is maintaining its “negative” outlook for the U.S. commercial lines segment for 2021 amid ongoing uncertainties related to COVID-19 and its economic fallout, Business Insurance reported. As insurers face continued pressure from higher reinsurance rates and elevated catastrophe losses, pricing for most lines of U.S. commercial insurance will accelerate in 2021, the agency said. However, economic factors may limit insurers’ ability to increase prices and enforce stricter underwriting practices while maintaining market share, the report found.
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